How To Nurture Your Real Estate Leads
As a real estate agent, a lead can be worth a lot of money to you… so think: how many times have you lost a lead that you struggled to get in the first place? How much lost revenue was that?
All of your leads are unique — they are all REAL PEOPLE with REAL STORIES and are all in a different phase of the journey… therefore: your lead nurturing process should be unique for each one of those “could-be” clients.
That is not to say that you should be creating a one-of-a-kind lead-nurturing process for every single one of your leads (and you shouldn’t), but that is saying that you SHOULD be able to modify your lead nurturing strategy to fit each one of those leads in a specific way since all their needs are different.
Here are some ways to start nurturing your leads in your CRM if you don’t already have a system in place, or are just looking for a refresher:
1) Look at all the leads you have now and prioritize them from highest quality to lowest
Yes, you should be assigning quality scores to your leads because they are not all created equal.
Take a look at your leads and decide whether that opportunity looks like a good fit or not and whether there’s enough opportunity for you there. Then, go a step further and qualify your leads by assessing things like:
- How much information did the lead share about his or her specific situation (more is always better)
- How often does the lead engage with my content and have they filled out other lead forms in the past?
- Did the lead give correct information to contact them?
If you like the responses to the above questions about your lead, that’s when you can move them over to the “nurturing” side of things, only AFTER the lead has passed the qualification assessment.
If they don’t fit — label them as “not right now” or “hold of until…”
Really fine-tune your qualification process and BE PICKY — it’s ok. There are plenty of fish in the sea and you can decide whether you want to work with someone or not based off of your headache-tolerance…
2) Once you’ve got all of your leads qualified, time to dive a little deeper to really segment your audience into different categories
If you find that a lead is engaging with you online often (your website, FB ads, social media, email, etc.), that is a great indication that your lead is “hot” — meaning they should get most of your attention ;)
Keep going down your list of leads and segment them into appropriate categories, like “Ready To Act” for your most highly engaged leads, “Possibly Ready” for your leads that engage with you but not as often as your “1st” tier crowd, and so on and so on. This should give you 4–5 segments of leads ranging from ready to act NOW to a more long-term nurturing strategy.
You should be constantly analyzing your lead database to see what types of people are in your CRM. Always have those constant feedback loops running.
3) Understand the “buyers journey”
There are several stages of the “buyer’s journey” that your leads can be in, so it’s important to note that your relationship with those leads should reflect that positioning. In other words, you shouldn’t be treating all of your leads like they’re ready to act now, nor should you treat all your leads like they are going to take years to convert. You must assess where they are based on the information your lead gave you, as well as by your own analysis.
The stages of the buyer’s journey are:
1) Awareness Stage
This is your “lead magnet” or where ever your lead just “opted-in”… your free whitepaper, checklist, report, video, calculator… anything of perceived value.
2) Interest Stage
This is where your prospect has engaged with you after being “nurtured” — once he or she has begun to know, like, and trust you through the content you’ve pushed out into the marketplace.
3) Decision Stage
This is the final part of the buyer’s journey — where they either decide to work with you or not as their agent.
You need to know who has been hanging around in your CRM for months and who is just joining the party. Now, it won’t always be the case that your “top leads” will convert faster than your other segments, but in most cases, those who engage with you regularly have a higher chance of converting than those who don’t engage with you frequently. Pick a handful of leads from each segment and set out to nurture those relationships first. Which leads me to the next step…
4) Lead Nurturing: Campaigns
Campaigns… specifically email campaigns… are the bedrock for your lead nurturing strategy.
Add each segment of leads into a corresponding drip campaign that is tailored to fit where they are in the buyer’s journey.
Remember — you can’t treat prospects in the “awareness” stage like prospects in the “decision” stage… it all has to be done in sequential order. Send emails over the span of a few weeks. You have to stay patient… don’t bombard your prospects with 10 emails in a period of 3 days. That’s a great way to get deleted ;)
p.s. you can also use retargeting Facebook ad campaigns as well as a whole host of other options… more on that later
5) Assess Your Responses
You should be keeping an eye on your metrics like:
- number of email opens (open rate)
- number of email link clicks (click-through rate)
If you spend your time getting all of these campaigns set up but they’re not getting good metrics, you’ve wasted your time. Keep an eye on your metrics and adjust according to optimize for your conversions.
If your open rate is bad (10% or less) — your subject line needs fixing.
If your click-through rate is poor — you need to adjust the copy of the body message in the email.
Most important rule: keep it simple and don’t overcomplicate this. You want people to take ONE ACTION, not 50 actions from one email.
6) After you’ve gone through this entire process and you have some fully engaged leads, then it is time to start contacting them
You must get a feel for how you like to do this and what works for you, but you should remember to ALWAYS keep in mind that IT IS NOT ABOUT YOU — it is about your prospective client. You have to be the one to step up and figure out what he or she needs and how you can help… one of the worst things you can do is to get on the phone with someone and start screaming and carrying on about how great you are. That is a great way to turn people off. What you should do is BE A LEADER — serve your clients and prospects, and actually care about helping them. Lead them to make their own decisions — do not try to sell them on you. You will be respected for that mentality always.
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